RMG exports thru Ctg port rise 21.75% in H1 FY24

The volume of Bangladeshi garment exports through Chattogram port surged 21.75%, while the value has seen a 16% increase during the initial six months of the current financial year compared to the corresponding period in the previous financial year.

The growth in the export of garment products has been observed not only in relation to the USA and European Union countries but also to Australia, Britain, Japan, China, and Canada.

According to Chattogram Customs House data, around 24.25 lakh tonnes of ready-made garment products valued at around Tk2.28 lakh crore were exported through Chattogram port in the first six months of FY 24. In comparison, during the same period in FY 23, the export volume was around 19.92 lakh tonnes, valued at around Tk1.97 lakh crore.

During the period, apparel exports to the European Union and the United States exhibited positive growth. There was an 8.73% increase in volume for the EU and an 8.35% increase for the USA.

As per customs data, Bangladeshi exporters dispatched 0.78 million tonnes of apparel goods to the EU and 0.26 million tonnes to the US during the period from July to December of FY 24. Additionally, the export of Bangladeshi garment products to countries such as Australia, Japan, Britain, Canada and others has witnessed growth.

Australia has emerged as a prominent export destination for Bangladesh, experiencing a notable surge. Both in terms of volume and value, exports to Australia saw a substantial increase of 30.91% and 41.20%, respectively.

Furthermore, there has been a significant increase in exports to various countries. In both volume and value, exports to Britain rose by 22.49% and 26.71%, to Japan by 17.57% and 19.17%, to Canada by 10.49% and 10.62%, and to China by 29.05% and 25.71%, respectively.

Entrepreneurs in the RMG sector said new buyers have been coming up for Bangladesh's garment products as a result of the country overcoming its dependence on Europe and America. This shift is regarded as a highly positive development for the country's garment exports.

They urged the government and relevant stakeholders to explore and engage with more countries as potential buyers to navigate the challenges posed by the current global recession.

Rakibul Alam, vice president of the Bangladesh Garments Manufacturers and Exporters Association (BGMEA), told TBS, "Our focus is currently on cultivating relationships with new buyer countries for ready-made garment exports. This strategic approach has led to enhanced export figures, notably to countries in the Middle East, India, Japan and South Africa. The aim is to decrease our reliance on Europe and America."

Barrister Badruzzaman Munshi, spokesperson and deputy commissioner of Chattogram Customs House, told TBS that the customs authorities are diligently providing assistance in accordance with laws and regulations to facilitate the export process. The customs department is committed to preventing fraud in export trade while ensuring that unnecessary harassment and delays are minimised.

Mohammed Shamsul Azam, director of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), said the demand for garments products declined slightly owing to the global economic slowdown. Nonetheless, the positive growth observed in ready-made garment exports during the first six months of the current financial year has fostered optimism within the industry.